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USD/CAD rises further to 1.1375, fresh 5-year high

FXStreet (Córdoba) -The loonie is falling in the currency market as USD/CAD continues to rally. The pair peaked at 1.1375, reaching a fresh high since July 2009.

Yesterday during the American session , broke above 1.1270/80, where previous 2014 lie, and accelerated to the upside. During the Asian session kept rising and printed fresh highs on European hours.

CAD and crude oil plummeted

Currently trades at 1.1360/65, up 0.60% for the day. Since the beginning of the week it has risen almost 200 pips. The sharp decline in crude oil prices is affecting the loonie. “While CAD had initially largely ignored plunging oil prices, it finally began to show some cracks later on during yesterday’s North American session”, noted analysts from the TD Securities Research Team.

“Our fundamental base case had been for USD/CAD to reach 1.15 through Q1 2015, but with USDCAD currently trading around 1.1365, an earlier arrival at that point, and an extension beyond it, looks like a strong possibility”, analysts added.

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